Can Tony Elumelu Entrepreneurs Be The Next Industrial & Economic Disruptors In The World?

Job creation is a key instrument for achieving sustainable and inclusive growth needed to generate national wealth and reduce poverty

Entrepreneurship is gradually becoming the acceptable narrative of economic development in Africa but could this be a sustained narrative of job creation?

The Tony Elumelu Foundation seems to be changing this narrative and in a moment, I will share with you.

The Global Entrepreneurship Monitor (GEM) reports haven’t been looking good for Africa; Africa is the continent with least expectancy for job creation in the world.

By 2050, the populations of 26 different African countries are expected to at least double in size, according to the United Nations. Yet, in order for the continent to reap a so-called demographic dividend, where population growth translates into corresponding economic growth, increased investment in education and health is necessary. Africa has the largest youth population of any continent, and many African countries are struggling to create jobs for increasing numbers of young people entering the labour market.

According to the International Labour Organization’s Global Employment Trends for Youth 2017, the youth labour force participation rate in sub-Saharan Africa rose to 54.3% by 2017, from 53.9% in 2007 - while the youth unemployment rate was expected to reach 11.1% in 2017, and to increase further during 2018. Meanwhile in northern Africa, youth unemployment was 28.8% in 2017, the highest rate across all regions, though it was expected to decline slightly during 2018, according to the report.

High unemployment represents lost potential, and related challenges are only exacerbated by increasingly automated production, and a mismatch between the skills that are available and the requirements of employers.

The above narratives constantly keep widening the existing gap of quality job creations and unemployment rate in Africa. Entrepreneurship herein, has been identified as a game changer but yet still the ecosystem look so unfavourable and unattractive to start a business and to thrive in sustainable manner. According to GEM, Business discontinuance rates is the % of adults (18-64yrs) who discontinued running their business within the last 12 months and this was inferred to be high among African entrepreneurs.

One of the major drives African entrepreneurs need to change this narrative is EMPOWEREMENT. The Silicon Valley and the Shark tanks of the developed world have provided their entrepreneurs with tailor-made empowerment tools, giving them enough grounding to build, compete and flourish. And we can see TEF in the same light.

I am seeing a ‘chain breaking’ empowerment initiative by Tony O. Elumelu for entrepreneurs in Africa with the Tony Elumelu Foundation (TEF).

The Tony Elumelu Foundation (TEF) was built on Tony’s conviction that the private sector holds the key to unlocking the transformation and economic development of our continent, encapsulated in the philosophy of Africapitalism. The foundation believe that by empowering 10,000 entrepreneurs, providing them with capital-financial and intellectuals –and networks, they would create change-in mindsets and in our societies.

With impressive result of USD 52, 486234.7 revenue generated So far by the TEF Entrepreneurs (alumni), an increase from $18,155241.31 (recorded before 25^th October 2018 ) with over 11, 971 Jobs.

With these statistical evidence, the TEF entrepreneurs should surely be the next disruptors in our industrial & agricultural space, technological world and socioeconomic benchmark. In my next publication, I will profile some selected TEF entrepreneurs that holds the potential to break barrier and dictate the pace of our new markets and productivity drives.

Nonetheless, it is only proper to salute the 2018 Ghana TEF entrepreneurs for making it;

1. Nana Abena fosua Gyamfi
2. Salma Al-hasan
3. Ama Dadson
4. Irene Naa Kokoi
5. Rhoda Boateng
6. Tayo Ketoura
7. Yaa Owusuaa Opoku
8. Mabel Suglo
9. Cisse yahaya munaya
10. Dennis Nyarko
11. Justice Offei Jr
12. Richmond Perkins
13. Philip Boye-Doku
14. Stephen Selaise Asuo
15. Selaise Gakpey Garvey
16. Kenneth Abdulai
17. Richard Adarkwah
18. Elijah Amoo Addo
19. Daniel Tamatey
20. Raphael Samaglo
21. Edem Awusi
22. Edward Neequaye
23. KodimahIssifu Mahama
24. Lawrence Bampoe
25. Francis Akosah Adjei
26. Hanif Ahmed Saaed
27. Kamal-Deen Yakub
28. Sepenica anfumwaa darko
29. Isaac senu sessi
30. Kwame nayarko danso
31. Tsonam Cleanse
32. Francis Amesawu
33. KwabenaGyang Taah
34. Nana Ama Ohemaa Antwi
35. Martha Yelademe Nyekanga
36. Ray Fiifi Nkum

Can Tony Elumelu Entrepreneurs be the next industrial & economic disruptors in the world? Let me know what you think.

Justice Offei Jr.
Entrepreneur I Oil & Gas Consultant I Business Coach I Speaker I Columnist

E: [email protected] T: +233 245719992